Category Archives: Newsletters
Newsletters about bankruptcy and issues related to bankruptcy, such as bankruptcy laws, seeking bankruptcy exemptions and the truth about filing for bankruptcy.
The American debt crisis has gotten way out of hand. According to government data cited in a recent LA Times article, US consumer debt has reached 12.58 trillion, topping the amount of debt in 2008 which led to the recession. Data indicates that borrowers are more responsible in repaying their debts now, but the amount of debt is still very alarming. Legislators are now aiming to pass legislation that would make business have to pay taxes on debts that they take out. New Tax Modification Explained The new modification is the elimination of the ability for businesses to write off debt interest as a tax deduction. Republican lawmakers propose that this new tax revision will generate about 1.5 trillion in government revenue over a decade. Private equity companies and wall street companies who have debt-oriented business models would be most affected. This change is designed to limit the amount of…
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Bankruptcy Attorney Explains Chapter 13 for Maryland and Washington DC The United States Supreme Court is reviewing two Bank of America appeals. The bank is hoping that they can convince the court to overturn two rulings, Bank of America v. Caulkett and Bank of America v. Toledo-Cardona, which allow stripping of a lien. In both cases, Bank of America is not the primary lender. Chapter 13 bankruptcy lien stripping helps heavily indebted people find some semblance of relief. In addition, they can keep their house and possibly discharge part of their debt after they fulfill their Chapter 13 payment plan. What Are the Requirements for Lien Stripping? Lien stripping is applicable in Chapter 13 bankruptcy throughout the United States. Additionally, the value of your house must be less than your mortgage and you must have multiple mortgages or lines of credit on the house. Suppose you have a house with…
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Maryland Lawyer Explains How Personal Injury and Bankruptcy Law Intersect Recently, a wrongful death lawsuit involving a Baltimore church van was halted by a bankruptcy filed by the pastors of the Victory Outreach Baltimore Church. Five people died when the van sped off the highway and crashed, leaving only ten survivors. The victims’ family members filed a lawsuit against the church, but due to the bankruptcy claim, compensation for the victims’ families will have to wait until the bankruptcy is resolved. This sad news item gives us the opportunity to reflect on an important question: How can bankruptcies affect a wrongful death lawsuit? How Bankruptcies Can Impact Wrongful Death Lawsuits In the case of the Baltimore church van, the lawsuit was halted in part because the pastors had petitioned a US Bankruptcy Court the day before the wrongful death case was filed. A bankruptcy filing, with limited exceptions, puts an…
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